Global Telemedicine Market to Record CAGR of 14% through 2020

Global telemedicine market was valued at approximate USD 14.0 billion in 2014 and is expected to reach approximately USD 35.0 billion by 2020, growing at a CAGR of slightly over 14% between 2015 and 2020.

Zion Research has published a new report titled “Telemedicine Market for Cardiology, Dermatology, Neurology, Orthopedics, Emergency Care, Internal Medicine, Gynecology, and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 - 2020”. According to the report, the global telemedicine market was valued at approximate USD 14.0 billion in 2014 and is expected to reach approximately USD 35.0 billion by 2020, growing at a CAGR of slightly over 14% between 2015 and 2020.

Telemedicine is the solution to overcome distance barriers and provide accessibility of health care services in remote location by using information and communication technology. Telemedicine services offers two way communication between patient and healthcare professional. Telemedicine is practiced from a hub, where the distant professional conveys a service through a telecommunication system. Telemedicine services use video conference, email, smart phones, wireless tools and other forms of telecommunications technology. Telemedicine helps to reduce the overall cost of medical care and increase efficiency through better management of chronic diseases, shared doctors and specialist staffing.

Based on services, telemedicine market can be segmented as tele-consultation, tele-monitoring, tele-education, tele-training, tele-care, and tele-surgery. Telemedicine market was dominated by the tele-consultation services segment, which accounted for significant share in revenue generated in 2014. Tele-monitoring is another growing segment owing to the increasing disabled and aging population. Geriatric and disabled people are commonly diagnosed with diabetes and other complications. Tele-education, tele-training and tele-surgery are recently added in telemedicine services and expected to exhibit moderate growth during the forecast period.

Cardiology, dermatology, neurology, orthopedics, emergency care, internal medicine, gynecology, and others are the key application market of telemedicine. Dermatology was the largest application market for telemedicine in 2014. Neurology is also one of the important application segments in the global telemedicine market. This can be attributed to increasing neurological complications such as stroke, Alzheimer’s and Parkinson’s cases.

North America was the leading regional market for telemedicine in 2014. North America is closely followed by Asia Pacific. The Asia Pacific expected to dominate the global telemedicine market by the end of 2020. With increased government support and investment in the field of research development, Asia Pacific is expected to witness robust growth during 2015 to 2020. Europe, Latin America and Middle East & Africa are also expected to experience significant growth of telemedicine market in the years to come.